HomeMy WebLinkAboutAgenda Fire Pension 011215THE RESOURCE CENTERS , LLC
4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410
Phone (561) 624-3277 Fax (561) 624-3278 WWW.RESOURCECENTERS.COM
PALM BEACH GARDENS FIREFIGHTERS’
PENSION FUND
Meeting of Monday January 12, 2015
Location: City Hall, Council Chambers
Palm Beach Gardens City Hall
10500 North Military Trail
Palm Beach Gardens, FL 33410
Time: 1 PM
AGENDA
1. Call Meeting to Order
2. Public Comments
3. Selection of Chairman, Vice Chair & Secretary
4. Minutes:
• Regular Meeting Held on November 5, 2014
5. Investment Manager Report: Manning & Napier (Chris Long & Greg Woodard)
6. Investment Monitor Report: The Bogdahn Group (Dan Johnson)
• 12/31/2014 Flash Performance Report
• ICMA DROP Discussion
• International Manager Review
7. Attorney Report: Sugarman & Susskind, P.A. (Pedro Herrera)
• PRC Fee Addendum
8. Administrative Report: Resource Centers (Audrey Ross)
• Disbursements
• Benefit Approvals
o 2015 COLA Approvals (DROP/Retiree)
9. Old Business
10. New Business
11. Other Business
12. Next Meeting Previously Scheduled for Wednesday 2/7/2015 at 1PM
13. Adjourn
2
PLEASE NOTE:
Should any interested party seek to appeal any decision made by the Board with respect to any matter considered at such meeting or hearing, he will need a
record of the proceedings, and for such purpose he may need to insure that a verbatim record of the proceedings is made, which record includes the testimony
and evidence upon which the appeal is to be based. In accordance with the Americans With Disabilities Act of 1990, persons needing a special accommodation
to participate in this meeting should contact The Resource Centers, LLC no later than four days prior to the meeting.
Building Retirem ent Sec urity
May2014
Dear Plan Sponsor:
Recent guidance from the IRS may affect the administration of your Deferred Retirement Option Plan
(DROP) with ICMA-RC. The guidance indicates that amounts transferred from a defined benefit plan to a
defined contribution DROP account are generally considered to be contributions subject to the 415(c) annual
addition limits ($52,000 in 2014). Previously, treating such contributions as plan-to-plan transfers which are
not subject to limitations, rather than contributions, was generally believed to be permissible.
Given the recent guidance, you should review your plan and consider whether any changes are necessary to
ensure the contribution limits are properly enforced in your DROP. You may want to consider whether or
not an amendment is necessary and should also evaluate whether any action is required for prior years for
amounts transferred from your defined benefit plan to a participant's DROP. Since ICMA-RC is not able to
provide legal advice with respect to your DROP, we encourage you to review your DROP and consult with
your benefits counsel to discuss your options and the appropriate course of action.
The guidance came in the form of two Technical Advice Memorandums (see TAM #053107A and #071907)
that were originally issued in 2007 but were not made publicly available until August 2013. This guidance
is not considered precedent but reflects the considered view of the IRS on technical issues involving DROP
features. The guidance presented two courses of action:
1. Limit transfers from a defined benefit plan to participant DROP accounts to an amount that does not
exceed the annual additions limit under section 415(c) ($52,000 in 2014), or
2. Add a guarantee feature to the plan. If you provide that participants will receive at least a minimum
guaranteed rate of return on the amounts allocated to the DROP account, the guarantee can cause the
DROP to be treated as part of the defined benefit plan, as opposed to a separate defined contribution
plan. With this type of arrangement, allocations from the defined benefit plan to a participant's DROP
account would not be considered contributions subject to the limitations under section 415(c) of the
Code. Implementing a guarantee feature may require you to allocate additional funds to the plan for
years in which a participant's investment value declines as a result of market performance.
If you have any questions about the IRS guidance and the options you have with respect to your DROP,
please contact your Plan Sponsor Services team or local ICMA-RC Manager.
Thank you for allowing us to serve you.
Sincerely,
Renee Briggs
Vice President, Client Services
ICMA-RC
ICMA RETIREMENT CORPORATION 777 NORTH CAPITOL STREET, NE WASHINGTON, DC 20002-4240
AC: 21137-0414-7 212
TEL : 202 -962 -4600 FAX : 202-962 -4601 TOLL FREE : 800 -669 -7400 EN ESPANOLLLAME AL : 800 -669 -8216 INTERNET: WWW.ICMARC.ORG
PALM BEACH GARDENS FIREFIGHTERS’
PENSION FUND
MEETING OF JANUARY 12, 2015
RATIFICATION OF BENEFIT PAYMENTS
APPLICATION TO ENTER THE DROP
Richard Raynor Years Of Credited Service: 24 Years & 11 Months
Age at Retirement: 58 Years & 1 Month
Total Monthly Benefit: $8,218.67
DROP Entry/Retirement Date: September 26, 2014
Type Of Benefit: DROP
Form Of Benefit: 66 2/3% J&S Annuity
Action: ______________________________
Chairman________________________________
Secretary________________________________
Date______1/12//2015____________________
PALM BEACH GARDENS FIREFIGHTERS’ PENSION FUND
DISBURSEMENTS
JANUARY 12, 2015
• BOGDAHN GROUP $ 7,500.00
(Consulting Fee for the QE 12/31/2014)
• FPPTA $ 660.00
(2015 Board Membership Renewal Fee =$600
Morejon & Murphy’s 2014 CPPT Recertification Fees =$60)
• REGIONS MORGAN KEEGAN TRUST $ 4,219.17
(Custodial Fees for August & September 2014)
• RESOURCE CENTERS $ 4,927.87
(Administrator Fee for December 2013, December 2014
& January 2015)
• S I GORDON & COMPANY, PA $ 1,525.00
(Auditing Services for the FYE 9/30/2014)
• SUGARMAN & SUSSKIND $ 2,251.50
(Legal Fees for December 2014)
• TOM MURPHY $ 178.64
(Mileage Reimbursement-FPPTA School:
10/5/2014-10/8/2014, Bonita Springs)
Total Disbursements for Approval $21,262.18
(Trustee) (Trustee)
THETHETHETHE PPPP ENSIONENSIONENSIONENSION R R R R ESOURCEESOURCEESOURCEESOURCE C C C CENTERENTERENTERENTER , , , , LLCLLCLLCLLC
4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410
Phone (561) 624-3277 Fax (561) 624-3278 WWW.R ESOURCECENTERS.COM